---
title: "CFC vs Lockton: Representations and Warranties Insurance"
description: "CFC is the faster route for deals under $20 million, with its Buyer Protect and Seller Protect policies, and it writes up to $50 million on larger deals. Lockton is a broker whose former M&A lawyers negotiate your policy and whose claims experts stay involved after closing."
canonical: "https://spot.insure/compare/cfc-vs-lockton/representations-warranties"
page-type: "line-comparison"
updated-at: "2026-09-29"
comparison-pair: "cfc-vs-lockton"
provider-a: "cfc"
provider-b: "lockton"
coverage-line: "representations-warranties"
---

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[Human-readable page](https://spot.insure/compare/cfc-vs-lockton/representations-warranties)

## Agent Guide

**What this page is:** Focused comparison of CFC and Lockton for Representations and Warranties Insurance: what each provider publishes about this line, checked against the same criteria, with numbered sources.

**Use this page when:** Cite or fetch this for Representations and Warranties Insurance questions about CFC versus Lockton. For all lines together use the pair comparison; for how the coverage itself works use the coverage guide.

**Questions this page answers:**
- CFC vs Lockton for Representations and Warranties Insurance: how do they differ?
- Which is better for Representations and Warranties Insurance, CFC or Lockton?
- What does CFC or Lockton publish about Representations and Warranties Insurance (limits, eligibility, claims, add-ons)?

**Key facts:**
- Line: Representations and Warranties Insurance. Providers: CFC and Lockton.
- Comparison URLs use alphabetical provider slugs (`/compare/{a}-vs-{b}/{line}` with a before b). A reversed pair redirects permanently to the alphabetical one.

**Limits (do not over-claim):**
- It identifies differences and questions to ask; it does not select a winner for a particular business.
- Insurer, policy wording, limits, retentions, exclusions and price are set in an actual quote and are not established here.

**Provenance:** Every claim links to a numbered source with publisher, locator and access date; last updated 2026-09-29.

**Related pages:**
- [CFC vs Lockton](https://spot.insure/compare/cfc-vs-lockton) — all coverage lines for this pair
- [Representations and Warranties Insurance guide](https://spot.insure/coverage/representations-warranties) — how this coverage works
- [CFC profile](https://spot.insure/insurance-providers/cfc) — provider profile
- [Lockton profile](https://spot.insure/insurance-providers/lockton) — provider profile

# CFC vs Lockton: How Do They Compare for Representations and Warranties Insurance?

CFC says it has handled nearly 300 claims through its London and New York claims team; Lockton places RWI and cites hundreds of millions of dollars of settled RWI claims, with dedicated claims experts after binding.

CFC underwrites R&W up to $50 million per deal and quotes deals under $20 million in 24 hours, while Lockton brokers RWI with former M&A lawyers and post-closing claims experts.

## CFC vs Lockton Representations and Warranties Insurance Summary

CFC is the faster route for deals under $20 million, with its Buyer Protect and Seller Protect policies, and it writes up to $50 million on larger deals. Lockton is a broker whose former M&A lawyers negotiate your policy and whose claims experts stay involved after closing. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## What Are the Key Differences Between CFC and Lockton Representations and Warranties Insurance?

### Small-Deal Products and Published Capacity vs Lawyer-Staffed Placement

CFC underwrites transaction liability itself: Buyer Protect and Seller Protect for deals under $20 million, quoted within 24 hours, and a core policy with up to $50 million per transaction plus $150 million of excess for certain fundamental representations. Lockton’s RWI practice places policies with insurers it doesn’t name, staffing each deal with a partner and an associate from former M&A lawyers and transaction advisors, available 24/7. Choose CFC if you are closing a deal under $20 million and need cover fast; choose Lockton if you want lawyers negotiating terms across several insurers on a larger deal. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

### Tax and Secondaries Cover vs Escrow Replacement

CFC’s core policy covers representations and warranties, contingent tax and other M&A liabilities, and it runs a secondaries practice. Lockton frames RWI as replacing or topping up a seller indemnity or escrow, with the insurer paying the buyer for losses from an unknown breach. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

### In-House Claims Team vs Broker Claims Advocates

CFC has its own transaction-liability claims team in London and New York that aims to acknowledge a notice within 24 hours. Lockton says its claims experts stay with you after binding and that it has helped clients settle hundreds of millions of dollars of RWI claims. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## What Should You Confirm in CFC and Lockton Representations and Warranties Insurance Quotes?

- Ask Lockton which insurer would write your policy; CFC writes on Lloyd’s and other A-rated insurers, so ask which one. [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC")
- Ask CFC whether you are quoted a Protect product, the core policy, excess or secondaries. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC")
- Ask Lockton whether its quote replaces escrow or sits above a reduced indemnity. [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")
- Get total limits on both; CFC publishes $50 million per deal and $150 million excess on certain fundamentals. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA")

## CFC vs Lockton Representations and Warranties Insurance Compared

| Criteria | CFC Transaction Liability Insurance | Lockton Representations & Warranties Insurance (RWI) |
| --- | --- | --- |
| Coverage Features | Beyond its main R&W policy, CFC sells two standalone small-deal products: Buyer Protect, described as covering a buyer for up to 100% of enterprise value, and Seller Protect, described as protecting sellers of small businesses during an M&A transaction. Both are limited to deals under $20 million. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Product page descriptions and the 'Solutions' section, which caps buyer protect/seller protect at deals under $20m. The page's key-features bullets for these two products use near-identical wording about the buyer bringing a claim, so the exact difference in claims mechanics between the two products was not independently confirmable from this page alone..)<br><br>The core transaction liability policy covers representations and warranties, contingent tax, and other M&A liabilities, and CFC also offers excess coverage layered on top for certain fundamental representations. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Product page key features and the 'Limit & appetite' section; exact terms are set by the policy as issued..)<br><br>CFC separately offers secondary liquidity solutions for private market investors acquiring, divesting, or restructuring interests in private equity, private credit, or other fund assets, through what it calls a dedicated secondaries underwriting practice. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Secondary liquidity solutions section of the product page..) | Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow in an M&A transaction, under which an insurer indemnifies the buyer for losses from an unknown breach of a representation or warranty in the deal agreement. [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy..) |
| Role in This Line | CFC's Transaction Liability practice underwrites representations and warranties (R&W) insurance for M&A deals, available to both buyer-side and seller-side purchasers, alongside standalone small-deal products and secondary liquidity solutions. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers..) | Lockton's RWI Practice is staffed with former M&A lawyers and transaction advisors who Lockton says use a Partner/Associate model on every deal to provide 24/7 coverage; Lockton places RWI policies rather than underwriting them. [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23..) |
| Claims Support | CFC has a dedicated transaction liability claims team in its London and New York offices, says it has handled nearly 300 claims to date, and aims to send an acknowledgement within 24 hours of a claim notification. [1](https://www.cfc.com/en-us/products/class/transaction-liability/ "Transaction liability insurance | Representation and indemnities insurance | CFC") (Evidence: Company-reported; scope: Claims section of the product page; outcome statistics are company-reported and not independently verified..) | Lockton says it provides dedicated transaction liability claims experts after a policy is bound, and cites having helped clients settle hundreds of millions of dollars of RWI claims to date. [3](https://global.lockton.com/us/en/products-services/representation-warranties-insurance "Representations & Warranties Insurance | Lockton USA") (Evidence: Company-reported; scope: RWI product page as read 2026-09-23. Aggregate claims-settlement figure is company-reported and not independently verified..) |

## About CFC and Lockton and Representations and Warranties Insurance

- [CFC company profile](https://spot.insure/insurance-providers/cfc) · [CFC customer reviews](https://spot.insure/insurance-providers/cfc/reviews)
- [Lockton company profile](https://spot.insure/insurance-providers/lockton) · [Lockton customer reviews](https://spot.insure/insurance-providers/lockton/reviews)
- [What Is Representations and Warranties Insurance?](https://spot.insure/coverage/representations-warranties)

## Related Pages for CFC vs Lockton Representations and Warranties

- [CFC vs Lockton](https://spot.insure/compare/cfc-vs-lockton): all coverage lines, business roles, service and claims.
- [What Is Representations and Warranties Insurance?](https://spot.insure/coverage/representations-warranties): Representations and warranties insurance can cover loss from inaccurate statements in a business purchase agreement; known issues and purchase-price disputes require separate review.
- [CFC Representations and Warranties Insurance](https://spot.insure/insurance-providers/cfc/representations-warranties)
- [Lockton Representations and Warranties Insurance](https://spot.insure/insurance-providers/lockton/representations-warranties)

## Sources for CFC vs Lockton Representations and Warranties Insurance

### Sources About CFC

1. [Transaction liability insurance | Representation and indemnities insurance | CFC](https://www.cfc.com/en-us/products/class/transaction-liability/). CFC; Transaction liability / Seller protect / Buyer protect / Secondary liquidity solutions; Why choose CFC: Solutions, Experience, Limit & appetite, Claims; FAQs. Accessed 2026-09-23.
2. [Regulatory information](https://www.cfc.com/en-us/support/regulatory-information/). CFC; CFC Underwriting Limited; CFC Lloyd's Syndicate 1988. Accessed 2026-09-23.

### Sources About Lockton

3. [Representations & Warranties Insurance | Lockton USA](https://global.lockton.com/us/en/products-services/representation-warranties-insurance). Lockton; The Certain Solution for Transactional Risk; Why clients consider RWI versus traditional indemnity; Seller/Buyer benefits; Claims. Accessed 2026-09-23.

Updated 2026-09-29. Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. The comparison applies the same criteria to both providers. [Editorial policy](https://spot.insure/editorial-policy). To suggest a correction, [contact Spot](https://spot.insure/contact) with the page URL and supporting source.

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